Today is the day ,
\nI have learned one life lesson by paying $74,000 as a tuition fee.<\/p>\n
It is pretty expensive tuition fees ????.<\/p>\n
Initially I was excited, When we became sub vendor for one of the Largest Investment Bank in the world (i.e Lehman Brothers).<\/p>\n
12 years back Today Sep 15th 2008.<\/p>\n
I came to know that our dream client(Lehman Brothers) filed bankruptcy.<\/p>\n
Although I was not aware of the impact on our account receivable at that moment. The effects showed up later.<\/p>\n
Due to this our cash flows got effected. We were not able to make our payable on time.
\nIt became little chaos.<\/p>\n
To get back on track I had to manage our expenses and also change our payroll cycles. In next few months I was able to bring back the cash flows on track.<\/p>\n
This is how I learned Cash Flow Management in the business.<\/p>\n
We lost $74,000 as account receivable from our dream client because of this bankruptcy.<\/p>\n
to convert this into positive experience I said to my self not to treat this as loss.<\/p>\n
So In my mind I accounted it as tuition fee to learn Cash Flow management.<\/p>\n
My two cents :<\/p>\n
Don’t expect your clients to pay on time. Plan your cash flows accordingly.<\/p>\n
#mylifelesson<\/a>\u00a0#mylifelessons<\/a>\u00a0#founderstories<\/a>\u00a0#startups<\/a>\u00a0#entrepreneurs<\/a>\u00a0#KrishnaLakamsani<\/a>\u00a0#entrepreneur<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Today is the day , I have learned one life lesson by paying $74,000 as a tuition fee. It is…<\/p>\n","protected":false},"author":4,"featured_media":920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,9],"tags":[],"class_list":["post-919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-related","category-personal","wpcat-7-id","wpcat-9-id"],"_links":{"self":[{"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/posts\/919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/comments?post=919"}],"version-history":[{"count":1,"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/posts\/919\/revisions"}],"predecessor-version":[{"id":921,"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/posts\/919\/revisions\/921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/media\/920"}],"wp:attachment":[{"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/media?parent=919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/categories?post=919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakamsani.me\/blog\/wp-json\/wp\/v2\/tags?post=919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}